Taxes

[dhal22]

Writing a check for $40k this evening. Apparently the already paid $60k+ wasn’t enough. Gut wrenching…. Plus state taxes, gotta write that check as well. I need a drink.

 

[Alaskan]

Ouch.. OUCH!!!

Do some shots but don't drive.

 

[basstracker89]

We just finished a little while ago. We have to do my Mother in Law's as well.

 

[Spas-12 Owner]

Know the feeling...

 

[Shey]

I cut the check but you guys just made me feel much better, ouch.

 

[kayaker]

If you have to pay a poop load of taxes, at least you made a poop load of income.

 

[OttoMan]

If you have to pay a poop load of taxes, at least you made a poop load of income.

Taxes would be just the seen tip of the iceberg….

 

[THREEJAYS]

I always thought id love to pay the taxes on a million dollars salary. I would complain though

 

[GodBlessTheUSA]

If you have to pay a poop load of taxes, at least you made a poop load of income.

The graduated tax brackets suck. Once you hit a threshold, every dollar over that amount gets taxed at a higher rate.

After $94K (Married, filing jointly. I had thought it was $89K in another post) the rate goes form 12% to 22%.
After $201K it goes to 24%
After $383K it's 32%
And if you are lucky enough to earn more than $487K you have to surrender get to give 35% of your income!!!!

That's just federal income tax.

So, you work hard, maybe get a specialized degree, maybe build a business from the ground up, try to live the American Dream, and Uncle Sam decides he needs 35% of every dollar you make (over the $487K threshold). If you earn a million, over half of that will be taxed at 35%, so that $500K gets whittled to $325K.

And, yes, $325K still sounds like a lot of money, but it just might buy a new starter home these days.

The commies use the word "progressive" tax brackets. Remember that anytime a politician uses the word "progressive".

 

[dhal22]

I always thought id love to pay the taxes on a million dollars salary. I would complain though

My high school biology teacher asked ‘who would like to pay a million dollars in taxes?’. My hand shot up immediately, no one else’s did. I got an A for the day